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Jul 16, 2019

Meridiam achieves financial close for two solar projects in Senegal

As part of the Scaling Solar Initiative, Meridiam has just reached the financial closing for two solar plants in Senegal which will provide nearly 600,000 people with better access to renewable and cheaper electricity.

Meridiam has just reached the financial closing for two solar plants, Kahone Solaire SA (35MW) and Kael Solaire SA (25MWp), located in the Diourbel region of Senegal. These plants are part of the Scaling Solar initiative in Senegal, conducted jointly by the Senegalese authorities and IFC. They directly contribute to the country's ambitious objective of increasing the share of renewable energy in its energy mix.

In addition to Senergy and Ten Merina plant, Meridiam now holds and manages 100 MW solar power in Senegal. The group holds a 40% shareholding in the project company which will manage the concession over a 25-year period.

Kahone and Kael solar plants are expected to provide nearly 600,000 people with better access to renewable and cheap electricity. These two projects will avoid the emission of 2.2 million tons of CO2 over the lifetime of the installations. And the tariff sets a record in Sub-Saharan Africa, being below 4 Euro cents/kWh. They will also create or support more than 2,300 direct and indirect local jobs. Those two projects, as every single one the Group develops and manages in Africa, therefore directly contribute to the United Nations Sustainable Development Goals and especially Goal #9 (build resilient infrastructure, promote inclusive and sustainable industrialization), Goal #7 (provide affordable and clean energy), and Goal#13 (strive for climate action).

For Mathieu PELLER, COO of Meridiam Africa: “Together with the Senergy and the Ten Merina solar plants, these projects are Meridiam’s 3rd and 4th developments in Senegal. They illustrate how committed we are to support further the transition of Senegal towards more clean and affordable energy while creating business opportunities for local communities.”

The investment costs for the projects amount to € 47.5 million. Senior financing (€ 38 million) is provided by the pool of banks who initially supported the consortium, Proparco and EIB later joined by IFC.

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